Credit Card payment

[Rahul]

Hi
I had 3 CC s in 2008 which I defaulted, due to some financial problems.  We were broke financially so i had to ignore it.. Now I wish to make the payment to the bank and my cibil report shows the below.

1.  WRITTEN-OFF AMOUNT(TOTAL) 76,143 (Citibank)
     WRITTEN-OFF AMOUNT(PRINCIPAL) 56,602

2.  AMOUNT OVERDUE 31,472  (PHOENIX ARC)
     WRITTEN-OFF STATUS ACCOUNT PURCHASED

3.  AMOUNT OVERDUE 39,554 (HSBC)
    WRITTEN-OFF STATUS WRITTEN-OFF


Can you help me understand what is the amount i need to pay to the banks.  Please help me out..

[cardbhai]

First You need to Read this where I have clearly explained the procedure on how credit card systems operate in India - http://www.cardbhai.com/2010/06/cibil-defaulters-clean-history-why-not.html

1. Citibak the original amount borrowed is Rs 56602 and then with Interest, Late Fees, over Limit Fees etc it had come to RS 76,143 that is when the Bank decided to Write off in the books of Accounts. I hope you understand what "Write off" means as explained in the Article on CardBhai.com

2. Phoenix ARC - Asset Reconstruction Company has purchased your account from Bank and they will now run after you for settlement.

3. In case of HSBC, the overdue amount was Rs 39554 and since you have not been paying they have Written Off from the Books of Accounts.

You Follow these Steps and do the Final Settlement - http://www.cardbhai.com/2009/01/credit-default-final-settlement-steps.html

Thanks.

[Rahul]

Thanks for your reply.  I will get in connected with his car and Citibank guys and make the full payment.  How about this pheonix ARC, I am not sure who they are and what cared are they referring.   If I clear the entire principal amount used by me for all the three banks,  do they give me a noc stating I have cleared the dues and parallellyclear the same in Cibil.  Pls let me know so that I can close it at the earliest.

[Rahul]

hi Cardbhai,

I am trying to connect with all the below mentoined banks for making the full payments. For citibank and Hsbc  I have requested them to send me outstanding amount statment  to be paid for which i will clear once i get it.

Phoenix ARC - Asset Reconstruction Company-  They term themselves as Kotak mahindra bank folks and  i am following up with them to give me an outstanding amount statment.  So far they are saying that they will get me the outstanding amount NOC for RS  31, 472 and asking me to pay the amount after i receive the NOC  Is it making sense.

After paying all the outstanding amounnts will the banks clear it from CIBIL or I am taking a chance of paying 1,50,000 at one shot.


 

[cardbhai]

1. Do only Written Correspondence and preserve the same for at least 5 years.

2. If you want Clean Credit History, you will have to PAY in FULL whatever the Outstanding is. After which in your CREDIT REPORT you will not see any status (it will be blank) otherwise they will classify it as "Written Off", Settled etc Read this to understand
http://www.dalalstreet.biz/forum/cibil-credit-report-score/understanding-accounts-enquiries/

Write a Letter to HSBC Stating that You have cleared all the Dues and attach the Proof and tell them to Upload the Correct Data to CIBIL. Give HSBC 30 Days to do the same. After 45 Days Pull your CIBIL Report and See, if not rectified, file a complaint against HSBC with the RBI, Ombudsman and HSBC will do it.